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Model N Income Statement 2023-2010 | MODN
Brief overview of financial performance at Model N
The overview follows changes across a five-year period. Revenue reported by Model N was $155 million at the beginning of the period and $249 million at the end. Overall revenue changed by +61.3%, equal to an annualized rate of about 10%. The company expanded its sales base at a healthy rate.
Gross profit changed from $89.3 million to $141 million (+58.2%). There was no major divergence between sales and cost of revenue. Gross profit as a share of revenue changed from 57.7% to 56.6%. The relationship between gross profit and revenue changed only slightly.
The five-year EBITDA result moved by +132.9%: from −$12.5 million to $4.1 million. The operating result outpaced sales and points to improving efficiency. At the operating-margin level, the figure shifted from −8.1% to 1.6%. The business generated more EBITDA from each unit of revenue.
The final result was −$28.2 million initially and −$33.9 million in the final year. The period ended with a larger loss than it began with.
The market value of the business moved from $525 million to $897 million, or +70.8%. The valuation may already include demanding future expectations.
What the figures show
Signs of deterioration dominate the five-year picture. The constructive conclusion rests on a larger revenue base and higher operating efficiency. Caution is warranted because of limited operating profitability, lower net income and weaker gross profitability. Further direction will depend on top-line growth, operating profitability, and net income.
Annual Income Statement Model N
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
897 M | 1.43 B | 872 M | 1.44 B | 935 M | 525 M | 490 M | 292 M | 268 M | 302 M | 176 M | - | - | - |
Shares |
38.1 M | 36.7 M | 35.5 M | 34 M | 32.2 M | 30.4 M | 28.6 M | 27.4 M | 26 M | 24.4 M | 16 M | 7.82 M | 7.32 M | - |
Historical Prices |
23.6 | 38.9 | 24.6 | 42.4 | 29 | 17.3 | 17.1 | 10.7 | 10.3 | 12.4 | 11 | - | - | - |
Net Income |
-33.9 M | -28.6 M | -29.7 M | -13.7 M | -19.3 M | -28.2 M | -39.5 M | -33.1 M | -19.6 M | -20.9 M | -926 K | -5.69 M | 1.48 M | - |
Revenue |
249 M | 219 M | 193 M | 161 M | 141 M | 155 M | 131 M | 107 M | 93.8 M | 81.8 M | 102 M | 84.3 M | 65.2 M | - |
Cost of Revenue |
108 M | 97.1 M | 86.6 M | 65.5 M | 66.1 M | 65.3 M | 61.1 M | 53.7 M | 41.6 M | 37.7 M | 46.2 M | 40.5 M | 26.9 M | - |
Gross Profit |
141 M | 122 M | 107 M | 95.6 M | 75.1 M | 89.3 M | 70.1 M | 53.3 M | 52.2 M | 44 M | 55.7 M | 43.7 M | 38.3 M | - |
Operating Income |
-4.12 M | -13 M | -14.4 M | -6.61 M | -15 M | -20.8 M | -38.6 M | -32.7 M | -19.1 M | -20.4 M | 528 K | -4.2 M | 2.65 M | - |
Interest Expense |
43 K | 558 K | -210 K | 76 K | -319 K | 722 K | -62 K | -86 K | 22 K | -116 K | 357 K | 655 K | 677 K | - |
EBITDA |
4.11 M | -3.96 M | -6.44 M | -1.11 M | -8.22 M | -12.5 M | -30.4 M | -26.8 M | -15.1 M | -16.7 M | 2.74 M | -2.67 M | 3.69 M | - |
Operating Expenses |
145 M | 135 M | 121 M | 102 M | 90.1 M | 110 M | 109 M | 86 M | 71.3 M | 64.4 M | 55.2 M | 47.9 M | 35.6 M | - |
General and Administrative Expenses |
42.9 M | 39.7 M | 33.3 M | 28.8 M | 27.2 M | 42.2 M | 36.3 M | 30.1 M | 23.1 M | 19.7 M | 16.1 M | 10.6 M | 7.86 M | - |
All numbers in USD currency
Quarterly Income Statement Model N
| 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
39.2 M | 38.9 M | 38.9 M | 38.3 M | 37.9 M | 37.5 M | 37.5 M | 36.9 M | 36.6 M | 36.2 M | 36.2 M | 35.7 M | 35.3 M | 34.9 M | 34.9 M | 34.4 M | 33.8 M | 33.1 M | 33.1 M | 32.6 M | 32 M | 31.5 M | 31.5 M | 30.7 M | 30 M | 29.4 M | 29.4 M | 28.9 M | 28.5 M | 28 M | 28 M | 27.6 M | 27.2 M | 26.8 M | 26.8 M | 26.3 M | 25.9 M | 25.3 M | 25.3 M | 24.8 M | 24.4 M | 23.5 M | 23.5 M | 22.8 M | 10.1 M | 23.5 M | 8.03 M | 7.75 M | 7.91 M | 7.73 M | - | - | - | - |
Net Income |
-1.39 M | -1.8 M | -1.8 M | 2.82 M | -33.3 M | -4.05 M | -4.05 M | -6.22 M | -8.04 M | -6.27 M | -6.27 M | -7.83 M | -10.7 M | -5.15 M | -5.15 M | -2.38 M | -4.63 M | -3 M | -3 M | -3 M | -5.91 M | -4.73 M | -4.73 M | -15.4 M | -3.9 M | -5.26 M | -5.26 M | -10.4 M | -12.5 M | -7.6 M | -7.6 M | -8.65 M | -8.91 M | -7.8 M | -7.8 M | -5.79 M | -4.6 M | -4.3 M | -4.3 M | -6.8 M | -5.03 M | -3.12 M | -3.12 M | 1.54 M | -1.9 M | -3.12 M | -1.31 M | -6.07 M | -1.24 M | -4.16 M | - | - | - | - |
Revenue |
65.1 M | 63.5 M | 63.5 M | 63.7 M | 62.6 M | 59.2 M | 59.2 M | 56.2 M | 53.3 M | 51.5 M | 51.5 M | 51 M | 48.2 M | 42.7 M | 42.7 M | 41.3 M | 40 M | 38.4 M | 38.4 M | 34.7 M | 34.8 M | 35.1 M | 35.1 M | 39.6 M | 39.2 M | 39.1 M | 39.1 M | 34.2 M | 33.3 M | 28.1 M | 28.1 M | 27.9 M | 26.1 M | 24.5 M | 24.5 M | 23.6 M | 22.7 M | 22.1 M | 22.1 M | 19.3 M | 20.6 M | 21.6 M | 21.6 M | 27.2 M | 24.6 M | 21.6 M | 22.3 M | 61.1 M | 22.8 M | 20.2 M | - | - | - | - |
Cost of Revenue |
27.9 M | 27.9 M | 27.9 M | 27.3 M | 27.6 M | 26.3 M | 26.3 M | 24.8 M | 24.1 M | 22.7 M | 22.7 M | 23.4 M | 23.4 M | 17.1 M | 17.1 M | 16.1 M | 16.5 M | 16.4 M | 16.4 M | 15.9 M | 16.7 M | 16.6 M | 16.6 M | 16.4 M | 17.3 M | 16.8 M | 16.8 M | 15.8 M | 16 M | 13.8 M | 13.8 M | 13.9 M | 13.8 M | 12.4 M | 12.4 M | 10.9 M | 9.56 M | 9.53 M | 9.53 M | 9.11 M | 9.81 M | 9.94 M | 9.94 M | 12.4 M | 11.6 M | 9.94 M | 10.1 M | 29.5 M | 11.3 M | 10.7 M | - | - | - | - |
Gross Profit |
37.2 M | 35.6 M | 35.6 M | 36.5 M | 35 M | 32.9 M | 32.9 M | 31.4 M | 29.2 M | 28.9 M | 28.9 M | 27.6 M | 24.8 M | 25.6 M | 25.6 M | 25.2 M | 23.5 M | 22 M | 22 M | 18.8 M | 18.1 M | 18.5 M | 18.5 M | 23.2 M | 22 M | 22.3 M | 22.3 M | 18.5 M | 17.2 M | 14.2 M | 14.2 M | 14.1 M | 12.2 M | 12.1 M | 12.1 M | 12.7 M | 13.1 M | 12.6 M | 12.6 M | 10.2 M | 10.8 M | 11.6 M | 11.6 M | 14.9 M | 13 M | 11.6 M | 12.3 M | 31.5 M | 11.4 M | 9.56 M | - | - | - | - |
Operating Income |
-2.62 M | -2.67 M | -2.67 M | 2.93 M | -3.12 M | -3.55 M | -3.55 M | -2.08 M | -3.94 M | -2.01 M | -2.01 M | -3.88 M | -6.8 M | -1.32 M | -1.32 M | -380 K | -4.13 M | -2.46 M | -2.46 M | -2.09 M | -4.75 M | -3.11 M | -3.11 M | -11 M | -2.4 M | -4.03 M | -4.03 M | -8.76 M | -15 M | -7.65 M | -7.65 M | -8.52 M | -8.91 M | -7.65 M | -7.65 M | -5.7 M | -4.32 M | -4.21 M | -4.21 M | -6.68 M | -4.9 M | -3.01 M | -3.01 M | 1.65 M | -1.03 M | -3.01 M | -1.07 M | -4.77 M | -1.02 M | -3.74 M | - | - | - | - |
Interest Expense |
10 K | -117 K | -117 K | -102 K | -83 K | 65 K | 65 K | 271 K | 112 K | -100 K | -100 K | 39 K | -84 K | -130 K | -130 K | 168 K | 243 K | 12 K | 12 K | 4 K | -127 K | -285 K | -285 K | 344 K | 87 K | -125 K | -125 K | -3 K | -228 K | 154 K | 154 K | 22 K | 12 K | -57 K | -57 K | -6 K | -92 K | 39 K | 39 K | -24 K | -56 K | -31 K | -31 K | 85 K | 115 K | 115 K | -52 K | 514 K | 160 K | 170 K | - | - | - | - |
EBITDA |
1.19 M | -707 K | -707 K | 9.18 M | 1.14 M | -1.28 M | -1.28 M | 4.64 M | 536 K | 226 K | 226 K | 1.86 M | -3.28 M | -2 K | -2 K | 3.78 M | -1.32 M | -1.01 M | -1.01 M | 3.1 M | -1.22 M | -1.27 M | -1.27 M | -4.55 M | 2.02 M | -1.77 M | -1.77 M | -2.89 M | -11.5 M | -6.56 M | -6.56 M | -4.11 M | -6.05 M | -6.33 M | -6.33 M | -2.91 M | -2.58 M | -3.36 M | -3.27 M | -4.14 M | -3.18 M | -2.14 M | -2.14 M | 3.07 M | -96 K | -2.14 M | -632 K | -3.69 M | -316 K | -3.74 M | - | - | - | - |
Operating Expenses |
39.9 M | 38.3 M | 38.3 M | 33.5 M | 38.1 M | 36.4 M | 36.4 M | 33.4 M | 33.2 M | 30.9 M | 30.9 M | 31.5 M | 31.6 M | 26.9 M | 26.9 M | 25.6 M | 27.6 M | 24.5 M | 24.5 M | 20.9 M | 22.8 M | 21.6 M | 21.6 M | 34.1 M | 24.4 M | 26.3 M | 26.3 M | 27.2 M | 32.2 M | 21.9 M | 21.9 M | 22.6 M | 21.1 M | 19.7 M | 19.7 M | 18.4 M | 17.4 M | 16.8 M | 16.8 M | 16.8 M | 15.7 M | 14.6 M | 14.6 M | 13.2 M | 14 M | 14.6 M | 13.3 M | 36.3 M | 12.5 M | 13.3 M | - | - | - | - |
General and Administrative Expenses |
12.1 M | 11.6 M | 11.6 M | 8.85 M | 11.5 M | 10.7 M | 10.7 M | 9.86 M | 9.32 M | 8.44 M | 8.44 M | 8.65 M | 7.61 M | 8.79 M | 8.79 M | 7.56 M | 7.54 M | 6.96 M | 6.96 M | 6.71 M | 6.83 M | 6.16 M | 6.16 M | 17 M | 7.32 M | 8.73 M | 8.73 M | 8.1 M | 11.7 M | 7.18 M | 7.18 M | 8.41 M | 6.64 M | 6.72 M | 6.72 M | 6.27 M | 5.29 M | 5.59 M | 5.59 M | 5.4 M | 4.72 M | 4.4 M | 4.4 M | 3.88 M | 3.76 M | 4.4 M | 3.88 M | 7.78 M | 2.62 M | 2.77 M | - | - | - | - |
All numbers in USD currency
The income statement is one of the three key financial reports of a company Model N (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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